On February 17, 2022, United Development Funding IV announced that it recommends Trust shareholders reject the thirteenth extended unsolicited tender offer made by hedge fund NexPoint Diversified Real Estate Trust, formerly the NexPoint Strategic Opportunities Fund, to purchase all Trust common shares for $1.10 per share. The Trust's Board of Trustees believes that NexPoint's extended tender offer price of $1.10 per share represents a substantial discount to the Trust's current value, and that other factors also lead to the conclusion that shareholders should reject the Tender Offer. As of December 31, 2020, the Trust's book value was $13 per share, as reflected in the unaudited balance sheet as of that date included in the Trust's August 2021 letter to Trust shareholders.